Hong Kong’s family offices are thriving as study shows growing interest, with Dubai royal the newest entrant
- The city had 2,703 single family offices operating in the city, according to a study commissioned by the Hong Kong government
- Sheikh Ali Al Maktoum, nephew of Dubai’s ruler, will open a family office in Hong Kong with US$500 million of assets
The number of family offices in Hong Kong may have exceeded those established in major financial centres in the region, according to a government study, as the city’s efforts in the past year to lure foreign capital started to show results.
The Asian financial hub had 2,703 single-family offices at the end of 2023, according to data published by Deloitte, filtering those managing US$10 million to US$100 million of assets on average. The first-of-its kind research was commissioned by InvestHK, a government promotion agency.
“Hong Kong’s capital markets, its proximity to the mainland China market, the rise of digital technology, and the untapped potential of emerging markets in Asia” are among its key strengths, said Rita Chan, the Hong Kong government and public services industry leader at Deloitte China.
Sheikh Ali Al Maktoum, the nephew of Dubai’s ruler, is among the latest joiners. His family is setting up an office in Hong Kong with US$500 million of assets, Bloomberg reported on Monday. The firm is interested in ventures including artificial intelligence, fintech and electric vehicles, the report said.
